Friday, 24 August 2012
FCPO Related News
Malaysian crude palm oil futures edged off a one-month high on Thursday, as traders turned cautious over demand prospects, with the worst drought in the U.S. Midwest in 56 years pushing oilseed prices higher. (Reuters)
The benchmark November contract at Bursa Malaysia Derivatives ended down 0.6% at 3,061 ringgit a metric ton. The contract earlier rose to MYR3,100/ton, a level not seen since July 17.
Technical correction is expected after recent gains, but demand may pick up again as major cooking oil buyer China steps up imports ahead of the Mid-Autumn Festival in September.